Legal Framework


Resolution n. 21301 of 12 March 2020

Temporary prohibition of short selling in some shares traded in the MTA Italian regulated market, pursuant to Article 23 of the Regulation (EU) of the European Parliament and of the Council no. 236 of 14 March 2012

LA COMMISSIONE NAZIONALE PER LE SOCIETÀ E LA BORSA

HAVING REGARD TO Law no. 216 of June 7, 1974, as subsequently amended and integrated;

HAVING REGARD TO Regulation (EU) no. 236/2012 of the European Parliament and of the Council of March 14, 2012;

HAVING REGARD TO Article 4-ter(2) of Legislative Decree no. 58 of February 24, 1998, according to which Consob is appointed with the task to implement the measures and exercise the functions and powers provided by Regulation (EU) no. 236/2012 of the European Parliament and of the Council of March 14, 2012 with reference to shares, among others;

HAVING REGARD TO Article 12 of Regulation (EU) no. 236/2012 of the European Parliament and of the Council of March 14, 2012, imposing restrictions on uncovered short sales in shares;

HAVING REGARD TO Article 23 of the above-mentioned Regulation (EU) no. 236/2012, which defines the power to temporarily restrict short selling of financial instruments in case of a fall in price greater than the thresholds set in the same Article;

TAKING INTO ACCOUNT THAT the fall of the shares’ prices included in Attachment no. 1 of this resolution, during March 12, 2020, compared to the closing price on the previous trading day, was greater than the relevant threshold set in Article 23;

CONSIDERING THAT the information background does not fully validate the above-mentioned price fluctuation;

RESOLVES AS FOLLOWS:

1. The prohibition of short selling in shares included in the Attachement no. 1 of this resolution, on the MTA, a regulated market organised and managed by Borsa Italiana S.p.A., under Article 23 of the above-mentioned Regulation, taking effect for the entire trading day of March 13, 2020.

2. It is clarified that, pursuant to Article 23(3), the above-mentioned prohibition does not apply to the activity of market making, as defined by Article 2(1)(k) of the aforementioned Regulation.

This resolution shall be transmitted to ESMA pursuant to Article 23 of the Regulation EU no. 236 2012 and shall be published on the Consob website after the positive conclusion of the procedure provided for in the above-mentioned Article.

This resolution shall take effect as soon as it is published on the Consob website. This resolution shall be transmitted to Borsa Italiana and shall be published on the Consob Bulletin.

THE CHAIRMAN
Paolo Savona

Annex 1 - List of securities subject to the ban on short selling

ISIN DENOMINATION
IT0001454435 TXT
IT0004093263 ASCOPIAVE
IT0003621783 LAZIO
IT0003796171 POSTE ITALIANE
IT0001233417 A2A
IT0005211237 ITALGAS
NL0012059018 EXOR
IT0005218380 BANCO BPM
IT0003153415 SNAM
IT0004056880 AMPLIFON
IT0005252207 CAMPARI
NL0010877643 FIAT CHRYSLER AUTOMOBILES
IT0001031084 BANCA GENERALI
IT0001347308 BUZZI UNICEM
IT0004176001 PRYSMIAN
IT0003128367 ENEL
IT0003856405 LEONARDO
IT0004712375 SALVATORE FERRAGAMO
IT0003487029 UBI BANCA
IT0003506190 ATLANTIA
IT0000062957 MEDIOBANCA
NL0000226223 STMICROELECTRONICS
IT0004965148 MONCLER
NL0010545661 CNH INDUSTRIAL
IT0000072170 FINECOBANK
IT0005366767 NEXI
IT0000062072 GENERALI
IT0003828271 RECORDATI
IT0005278236 PIRELLI & C
IT0000336518 JUVENTUS FOOTBALL CLUB
LU0156801721 TENARIS
IT0000072618 INTESA SANPAOLO
IT0005239360 UNICREDIT
IT0005252140 SAIPEM
IT0001250932 HERA
IT0000066123 BPER BANCA
IT0003242622 TERNA
IT0003261697 AZIMUT HOLDING
IT0003132476 ENI
IT0004810054 UNIPOL
IT0003497168 TELECOM ITALIA
NL0011585146 FERRARI
FR0000064578 COVIVIO
IT0003549422 SANLORENZO
IT0005162406 TECHNOGYM
IT0001044996 DOVALUE
IT0003115950 DE' LONGHI
IT0003188064 BANCA IFIS
IT0004967292 FILA
IT0004998065 ANIMA HOLDING
IT0005010423 CERVED GROUP
IT0001415246 FINCANTIERI
IT0004329733 CAIRO COMMUNICATION
IT0005043507 OVS
IT0005090300 INWIT
IT0001207098 ACEA
IT0004931058 MAIRE TECNIMONT
IT0003007728 TOD'S
IT0000784154 CATTOLICA ASSICURAZIONI
IT0003027817 IREN
IT0005282865 REPLY
IT0005188336 EL EN
IT0004053440 DATALOGIC
IT0003097257 BIESSE
IT0003497176 TELECOM ITALIA RSP
IT0001049623 IMA
IT0003697080 GEOX
IT0001063210 MEDIASET
IT0005322612 IGD - IMMOBILIARE GRANDE DISTRIBUZIONE
IT0001078911 INTERPUMP GROUP
IT0003428445 MARR
IT0001137345 AUTOGRILL
IT0001157020 ERG
IT0003153621 TAMBURI INVESTMENT PARTNERS
IT0003073266 PIAGGIO & C
IT0005218752 BANCA MONTE PASCHI SIENA
IT0001469383 MONDADORI EDITORE
IT0005319444 CREDITO VALTELLINESE
IT0000784196 BANCA POPOLARE SONDRIO
IT0003198790 FALCK RENEWABLES
IT0000084027 ASTM
IT0003865570 SALINI IMPREGILO
IT0005395071 ZUCCHI
IT0003365613 FIERA MILANO
IT0005359192 ILLIMITY BANK